Myanmar keyword: Commercial tax

September 30, 2020

With limited time left to settle outstanding tax payments for FY2019-2020 in order to avoid being exposed to penalties, taxpayers need to make sure their tax position is adjusted in accordance with the updated tax laws and regulations. Below is a checklist of key notes for preparing the FY2019-2020 year-end tax position. Have you considered […]

July 30, 2020

The past few months have been an interesting phase for taxpayers in Myanmar due to the tax reliefs granted under the COVID-19 Economic Relief Plan, changes in current tax regulations, the announcement of the draft Union Tax Law 2020 (“draft UTL”), and the draft new Income Tax Law.   What major changes are included under the […]

September 30, 2019

The Union Taw Law (“UTL”) 2019 was enacted on 24 September 2019 by the Union Parliament (the Pyidaungsu Hluttaw) and will be applicable for the Financial Year (“FY”) 2019-2020 (1 October 2019 to 30 September 2020). With the new income year commencing on 1 October 2019 and the Tax Administration Law (“TAL”) coming into force, […]

November 27, 2018

The Internal Revenue Department (“IRD”) has issued clarifications regarding Commercial Tax (“CT”) payment and offset timings. Clarification 2/2018 provides an explanation regarding CT payment timelines. CT charged to customers (“output CT”) is due the earlier of issuing invoice to customers or receiving payments. For example, if an invoice is issued to a customer in June […]

September 19, 2018

Due to the change in financial year, the end of the six-month gap period is approaching and the Union Parliament (“Pyidaungsu Hluttaw”) has announced a draft Union Tax Law 2018–2019 (“Draft UTL”) which will be effective from 1 October 2018. A few interesting points from the Draft UTL are outlined below: Financial year end Under […]